Open a Bank Account in Denmark

Updated on Monday 18th December 2017

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Denmark is one of the countries with the safest banking systems in the world and the banking fees have a tendency to be quite low. After opening a company in this country, an entrepreneur also has to set up a bank account in Denmark.

Since the financial services are important to any organization, for a new company, choosing the right bank is an important issue.

The banking environment in Denmark

When you open a Danish company, choosing the right bank is of outmost importance. Therefore, a certain knowledge of the banking environment in Denmark is crucial for doing business in this country.

The banking sector in Denmark is heavily focused on only several major market players. The two largest banks in the country own a combined market share of approximately 70% or even more.

Foreign banks in Denmark target mainly larger corporations and multinationals, even though in the last years some of them have changed this strategy and now also offer personal loans. Our company registration executives in Denmark can offer more information on this subject.

Types of banks in Denmark

According to Finanstilsynet, the financial regulatory body in Denmark, which regulates the financial markets in this country, the banks in Denmark are categorized as follows:

•Group 1 banks: with a working capital of at least DKK 65 billion;

•Group 2 banks: with a working capital of minimum DKK 12 billion;

•Group 3 banks: with a working capital of at least DKK 500 million;

•Group 4 banks: with a working capital of maximum DKK 500 million. Our Danish company formation professionals can provide more information on this type of banks;

•Group 5 banks: branches of foreign banks in the country;

•Group 6: these are banks based on the Faroe Islands.

Documents needed to open a bank account in Denmark

Opening a bank account in Denmark is quite a straightforward procedure which generally involves no costs. The documents necessary to open a standard account are as follows:

•A photo ID, like a valid passport;

•A CPR (the ten digit unique number of identification which is issued for all Danish residents) number;

•Proof of address in the country;

•An employment contract, if the person in question is working in Denmark.

If you need to know more about the banking system in Denmark, or require assistance to open a company in this country, we invite you to get in touch with our Danish company formation representatives.

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